Another Bubble Bursts - Bitcoin China Crashes Over 30%

First it was Chinese stocks, then Chinese real estate (twice), then Chinese commodities (twice), and now Chinese Bitcoin's bubble has burst as a massive short squeeze on the offshore Yuan combined with comments on 'virtual' capital controls has sparked a bloodbath in the cryptocurrency from 8,896 yuan to 6,101 yuan in the last few hours...a 31% collapse.

Despute the collapse - BTC China is only back at 2 week lows...

For those chasers, don't say we did not warn you, as we noted previously, for those buying into bitcoin here on the momentum, most of which originates in China, we urge readers to be cautious as by now the PBOC has certainly noticed that the digital currency remains one of the final, and most successful, means of bypassing capital controls in China. Should Beijing mandate that bitcoin no longer be a means to illegally transfer capital offshore, there is risk of a dramatic, and sharp, drop in its price.

There is no way the invention of the decade lands on a rubbish heap. 53% of upstream web traffic in the US is from decentralised, illegal, file sharing which is similar to bitcoin's architecture. How did banning illegal file sharing work for the authosities? The real mind blowing thing about bitcoin is actually something called the 'proof of work', in a nutshell any attacker would need the computing power of over 500 Googles and access to an electricity supply greater than that of Sri Lanka. You can make it difficult, but it is IMPOSSIBLE to ban a protocol. Bitcoin is a protocol.

These people are far too stupid to understand protocols. I used to wonder if they were capable of understanding Bitcoin at all? I could see they were not. Then I wondered if they could understand any of the concepts involved in Bitcoin network? And I could see they were not. Now I don't believe they are even capable of doing grade 3 level math. Ie, "960 is a bigger number than 16".

Face it, most of you are mental invalids. You could never hope to understand Bitcoin, P2P technology, or much of anything else. You aren't wanted on the team and I wonder why you are on the "not real" Internet at all?

Sure, just because I can write assembly code to flip a single bit in a translation lookaside buffer array in a microprocessor that obviously makes me a mental invalid...

Standard Disclaimer: 1) Fuck You. and 2) Odds are, regardless of what piece of technology you are typing your daily screeds on, my fingerprint is quite possibly in there somewhere. I guess I'll get back to working on that virtual enema program. Will you beta test it for me?

Why shouldn't I be a prick here? I was attacked from 2011 on by this site's mentally deficient users. Now everything I said has turned out to be correct. And they are still trying to come up with lame, pathetic excuses on why they *should have been* right (in some alternate universe). Don't you hate it when reality diverges from your delusions?

Said it in a previous thread. Look at the last time Bitcoin was even with gold. It tanked. It's gonna tank again...and again..and again.

If you are smart enough to cash out at the tops and buy tangible assets with the profits good for you. If you plan on sticking in that thing to watch it go to the moon, it may go the complete opposite way.

All fiat, crypto or whatever the fuck you want to call the currency ends up at zero. Proven fact.

If you want to believe a man made, computer mined crypto currency has a finite amount to be mined good luck with that.

Gold is now on the rise...are the smart ones cashing out and buying the TRUE money ? Bet a lot of Chinese holders of bitcoin are right now.

Just the first of many coming "bursts" of bitcoin that will demonstrate again (and again and again) that any cryptocurrency (ie code) that can be regulated by central banking alchemists is doomed. Bubbles will be bubbles.